There are many reasons why there are cheap houses for sale. Knowing what these reasons are, and what they mean, can help you save thousands buying your next home. Here are six common reasons that a house will be selling for less than others.
1. The home needs work.
What does this mean to you? It may mean you need to pass on by, if you don't want to deal with getting it fixed. On the other hand, these houses are often a way to build equity fast. They scare away most buyers, so there is less competition and often a real opportunity for a low price.
Be aware, however, that a seller may think that if it needs a $10,000 in repairs it is worth just that much less than others. Don't buy it! Dealing with a fixer upper for nothing is no deal. If it needs $10,000 in repairs, it had better be worth $20,000 more when you are done.
2. The neighborhood is questionable.
Cheap houses in bad neighborhoods are common. Are they a good buy? Not if the neighborhood is still declining. That could be the worst investment in town. I caught a story in a real estate forum recently, from an investor who had to sell his Detroit rental house for a loss after twenty years of owning it (who says real estate always goes up in value).
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